Cancellation of Bilateral Letters of Credit. 4.7 At any time after the issue of a Bilateral Letter of Credit by a Declining Lender the Account Party may give the Agent and the Declining Lender not less than fourteen days’ prior written notice of its intention to procure that the liability of the Declining Lender under such Letter of Credit is reduced to zero (whereupon it shall do so).
Appears in 5 contracts
Samples: Credit Facility and Reimbursement Agreement (Xl Capital LTD), Agreement (Xl Capital LTD), Xl Capital LTD
Cancellation of Bilateral Letters of Credit. 4.7 At any time after the issue of a Bilateral Letter of Credit by a Declining Lender Bank the Account Party may give the Agent and the Declining Lender Bank not less than fourteen days’ ' prior written notice of its intention to procure that the liability of the Declining Lender Bank under such Letter of Credit is reduced to zero (whereupon it shall do so).
Appears in 4 contracts
Samples: Charge Agreement (Ace LTD), Charge Agreement (Ace LTD), Original Agreement (Ace LTD)
Cancellation of Bilateral Letters of Credit. 4.7 At any time after the issue of a Bilateral Letter of Credit by a Declining Lender Bank the Account Party may give the Agent and the Declining Lender Bank not less than fourteen days’ prior written notice of its intention to procure that the liability of the Declining Lender Bank under such Letter of Credit is reduced to zero (whereupon it shall do so).
Appears in 1 contract
Samples: Confidentiality Agreement (Ace LTD)
